Fiskars Group Half-year financial report 2024

JANUARY–JUNE 2024

Half-year financial report January–June 2024

ANOTHER SOLID QUARTER IN CHALLENGING MARKET CONDITIONS – ACCELERATING EFFICIENCY IMPROVEMENTS

APRIL–JUNE 2024 IN BRIEF

Comparable net sales¹ decreased by 5.3% to EUR 252.9 million (Q2 2023: 267.3). Reported net sales increased by 4.9% to EUR 281.0 million (267.9).
Comparable EBIT² decreased to EUR 19.2 million (23.4), or 6.8% (8.7%) of net sales. EBIT decreased to EUR 0.3 million (22.2).
Cash flow from operating activities before financial items and taxes increased to EUR 64.5 million (56.1).
Free cash flow increased to EUR 49.3 million (41.6).
Comparable earnings per share were EUR 0.10 (0.17). Earnings per share (EPS) were EUR -0.08 (0.16).

JANUARY–JU NE 2024 IN BRIEF

Comparable net sales¹ decreased by 5.5% to EUR 508.4 million (Q1-Q2 2023: 538.5). Reported net sales increased by 3.9% to EUR 564.0 million (542.8).
Comparable EBIT² decreased to EUR 44.2 million (54.7), or 7.8% (10.1%) of net sales. EBIT decreased to EUR 6.7 million (51.2).
Cash flow from operating activities before financial items and taxes decreased to EUR 59.0 million (78.2).
Free cash flow decreased to EUR 29.2 million (54.5).
Comparable earnings per share were EUR 0.35 (0.44). Earnings per share (EPS) were EUR -0.05 (0.41).

GUIDANCE FOR 2024 (UNCHANGED)

Fiskars Corporation expects comparable EBIT to be slightly above the 2023 level (2023: EUR 110.3 million).

ASSUMPTIONS BEHIND THE GUIDANCE

The operating environment is expected to remain challenging and impact demand also in the second half of 2024. Visibility in the market remains limited, as uncertainties in the global economy persist.

The savings from the completed efficiency programs are expected to support EBIT, although they will be partially offset by wage inflation. Furthermore, Fiskars Group continues to drive forward a simplified way of operating, which enables further cost efficiency improvements.

As a result of the Georg Jensen acquisition, the Group's EBIT generation will shift even more toward the end of the year, highlighting the importance of the second half, and especially of the fourth quarter. During this period, the development of Business Area Vita's volumes will play a significant role.

¹⁾ Comparable net sales exclude the impact of exchange rates, acquisitions and divestments.

²⁾ Items affecting comparability in EBIT include items such as restructuring costs, impairment or provisions charges and releases, acquisition-related costs, and gains and losses from the sale of businesses. Comparable EBIT is not adjusted to exclude the EBIT contribution of acquisitions/divestments/disposals.

CEO's review

Nathalie Ahlström President and CEO

"We delivered another solid quarter considering the challenging market conditions." We delivered another solid quarter considering the challenging market conditions. Our comparable net sales decreased by 5% in the second quarter, whereas reported net sales, which include Georg Jensen, increased by 5%. We were able to protect profit with the Group's alltime high gross margin, which was driven by Vita, and savings from last year's cost efficiency programs. However, due to lower volumes, comparable EBIT declined to EUR 19 million. I was especially pleased to see free cash flow recover to a record high second quarter level after a soft start to the year.

We continue to rigorously drive forward a simplified way of operating, which is based on strong, transparent and end-to-end accountable Business Areas supported by a lean Group organization. Previously announced changes in the supply chain organization mark the final leg of our 2021-2025 transformation journey and result in significant efficiency improvements. The simplified way of operating provides a strong foundation for growth while continuing to drive systematic improvement and further cost savings.

We are maintaining our guidance for 2024 intact and expect comparable EBIT to be slightly above last year's EUR 110 million. As we have guided before, volume development in the second half and especially in the fourth quarter plays a large role in terms of the fullyear EBIT generation.

Georg Jensen has now been part of Fiskars Group for three quarters, and the integration is nearly completed, with only IT integration ongoing. We are anticipating EUR 18 million in annual cost synergies from the acquisition, the majority of which is expected to be realized by the end of 2025. We are on track with approximately 75% of synergies now in implementation and already starting to deliver in the second quarter.

We measure the execution of our Growth Strategy through its four transformation levers: commercial excellence; direct-to-consumer (DTC); the U.S.; and China. Looking at the first half of the year, our gross margin, which is our key performance indicator for commercial excellence, increased by 210 bps to 48.7%. Comparable DTC sales decreased by 3%, mainly due to store closures as well as a slowdown of e-commerce in China in the second quarter. However, China's total comparable net sales increased by 10% in the first half of the year. In the U.S., comparable net sales decreased by 4% in the first half of the year, as retailers' cautiousness in taking inventories continued to affect demand.

During the second quarter, we invited our teams to enroll for the second plan period of Fiskars Group's employee share savings plan

"MyFiskars". I am very pleased that at the moment over 10% of our employees are Fiskars Corporation shareholders. Our employees are the key to our success – it is important that they have a sense of ownership; as well as a feeling of being heard. In May, we conducted an employee engagement survey for all employees, with a 73% participation rate. The survey measures one of our key ESG key performance indicators, inclusion experience. The results showed that we have made good progress in this metric, improving from last year and coming closer to our target of being within the global top 10% of high performing companies.

We also received several ESG recognitions during the quarter. As a highlight, Fiskars Group was awarded the EcoVadis Platinum Medal, placing us among the top 1% of companies assessed within the same industry. In addition, we were included in ESG leaders' listings by both Time Magazine and the Financial Times.

Whilst we are not expecting any immediate improvement in the market conditions, the transformative actions we continue to take support us in reaching our ambitions in both the short and long term.

Nathalie Ahlström President & CEO

Group key figures

	Q2	Q2		Q1-Q2	Q1-Q2
EUR million (unless otherwise noted)	2024	2023	Change	2024	2023	Change	2023
Net sales	281.0	267.9	4.9%	564.0	542.8	3.9%	1,129.8
Comparable net sales1)	252.9	267.3	-5.3%	508.4	538.5	-5.5%	1,071.5
EBIT	0.3	22.2	-98.7%	6.7	51.2	-87.0%	98.9
Items affecting comparability in EBIT2)	18.9	1.2		37.6	3.5		11.4
Comparable EBIT3)	19.2	23.4	-18.2%	44.2	54.7	-19.1%	110.3
Comparable EBIT margin	6.8%	8.7%		7.8%	10.1%		9.8%
EBITDA	21.5	37.1	-42.1%	47.9	81.1	-40.9%	164.9
Comparable EBITDA4)	40.5	38.1	6.4%	85.5	84.1	1.6%	175.8
Profit before taxes	-7.7	16.6		-4.1	42.9		79.7
Profit for the period	-6.0	12.6		-3.6	33.1		70.0
Earnings per share, EUR	-0.08	0.16		-0.05	0.41		0.86
Comparable earnings per share, EUR	0.10	0.17	-37.9%	0.35	0.44	-19.6%	0.99
Cash earnings per share (CEPS), EUR	0.69	0.57	21.8%	0.52	0.82	-36.5%	2.68
Equity per share, EUR				9.32	9.71	-4.1%	10.15
Cash flow from operating activities before financial items and taxes	64.5	56.1	15.1%	59.0	78.2	-24.5%	247.5
Free cash flow	49.3	41.6	18.5%	29.2	54.5	-46.4%	184.9
Free cash flow/comparable net profit (LTM), %				235.1%	34.2%		231.0%
Net debt				477.5	342.2	39.5%	446.7
Net debt/comparable EBITDA (LTM), ratio				2.70	1.94	39.1%	2.54
Equity ratio, %				45%	53%		47%
Net gearing, %				63%	43%		54%
Capital expenditure	13.0	10.2	27.7%	23.8	20.3	17.5%	50.8
Personnel (FTE), average	6,525	5,945	9.7%	6,530	5,985	9.1%	6,133

1) Comparable net sales exclude the impact of exchange rates, acquisitions and divestments.

2) In Q2 2024, items affecting comparability were mainly related to the acquisition of Georg Jensen and organizational changes.

3) EBIT excluding items affecting comparability. Comparable EBIT is not adjusted to exclude the EBIT contribution of acquisitions/divestments/disposals.

4) EBITDA excluding items affecting comparability. Comparable EBITDA is not adjusted to exclude the EBIT contribution of acquisitions/divestments/disposals.

In addition to the financial performance indicators defined by IFRS, Fiskars Group publishes certain Alternative Performance Measures to better reflect the operational business performance and to facilitate comparisons between financial periods. Calculation of these can be found on Fiskars Group's website, in the Investors section (Investors-> Financials-> Calculation of financial indicators).

Performance by reporting segments

	Q2	Q2		Comparable	Q1-Q2	Q1-Q2		Comparable
EUR million	2024	2023	Change	change*	2024	2023	Change	change*	2023
Net sales
Group	281.0	267.9	4.9%	-5.3%	564.0	542.8	3.9%	-5.5%	1,129.8
Vita	129.9	113.7	14.3%	-8.7%	255.8	221.4	15.6%	-7.3%	555.3
Fiskars	150.1	153.1	-1.9%	-2.7%	306.2	319.8	-4.3%	-4.5%	570.5
Other	1.0	1.1			2.0	1.6			4.0
Comparable EBIT**
Group	19.2	23.4	-18.2%		44.2	54.7	-19.1%		110.3
Vita	1.6	3.0	-45.4%		1.6	10.8	-85.4%		62.3
Fiskars	22.3	24.7	-9.7%		51.7	55.3	-6.5%		73.8
Other	-4.7	-4.2			-9.1	-11.4			-25.8

* Comparable net sales exclude the impact of exchange rates, acquisitions and divestments.

** EBIT excluding items affecting comparability. Comparable EBIT is not adjusted to exclude the EBIT contribution of acquisitions/divestments/disposals. In Q2 2024, items affecting comparability were mainly related to the acquisition of Georg Jensen and organizational changes.

Group performance

FISKARS GROUP NET SALES IN APRIL-JUNE 2024

Fiskars Group's comparable consolidated net sales decreased by 5.3% to EUR 252.5 million (Q2 2023: 267.3). Reported net sales increased by 4.9% to EUR 281.0 million.

Comparable net sales decreased in both Business Areas and all geographical segments as low consumer confidence and retailer customers' focus on inventory management continued to affect demand.

Fiskars Group's comparable DTC sales decreased by 5%. The Group's own e-commerce decreased by 9% due to a slowdown of the channel in China, and own retail network decreased by 2% mainly due to store closures.

FISKARS GROUP NET SALES IN JANUARY-JUNE 2024

Fiskars Group's comparable consolidated net sales decreased by 5.5% to EUR 508.4 million (Q1-Q2 2023: 538.5). Reported net sales increased by 3.9% to EUR 564.0 million.

Comparable net sales decreased in both Business Areas and all geographical segments, as low consumer confidence and retailer customers' focus on inventory management continued to affect demand.

Fiskars Group's comparable DTC sales decreased by 3% with stable development in e-commerce and a 4% decrease in the Group's own retail network. The decline in DTC sales was mainly due to store closures as well as a slowdown of e-commerce in China in the second quarter.

FISKARS GROUP REPORTED NET SALES, EUR MILLION

FISKARS GROUP REPORTED NET SALES LAST 12 MONTHS, EUR MILLION

FISKARS GROUP COMPARABLE EBIT IN APRIL-JUNE 2024

Fiskars Group's comparable EBIT was EUR 19.2 million (Q2 2023: 23.4), or 6.8% (8.7%) of net sales. Comparable EBIT decreased in both Business Area Fiskars and Business Area Vita.

Comparable EBIT decreased due to lower volumes, although the Group's all-time high gross margin, driven by Vita, and savings from the previous year's cost efficiency programs mitigated the impact.

FISKARS GROUP COMPARABLE EBIT IN JANUARY-JUNE 2024

Fiskars Group's comparable EBIT was EUR 44.2 million (Q1-Q2 2023: 54.7), or 7.8% (10.1%) of net sales. Comparable EBIT decreased in both Business Areas.

Comparable EBIT decreased due to lower volumes. The negative impact from volumes was partially mitigated by an improvement in gross margin and savings from the previous year's cost efficiency programs.

FISKARS GROUP COMPARABLE EBIT, EUR MILLION

FISKARS GROUP COMPARABLE EBIT LAST 12 MONTHS, EUR MILLION

FISKARS GROUP COMPARABLE EBIT MARGIN

FINANCIAL ITEMS, CASH FLOW AND FINANCIAL POSITION

FINANCIAL ITEMS

	Q2	Q2	Q1-Q2	Q1-Q2
EUR million	2024	2023	2024	2023	2023
Financial income and expenses	-9.0	-7.1	-12.8	-10.8	-24.0
Foreign exchange difference	-0.3	-3.3	1.8	-3.1	-4.8
Net interest expenses from funding, currency hedging and leasing liabilities	-6.6	-4.8	-12.6	-9.3	-21.2

During the second quarter, financial income and expenses amounted to EUR -9.0 million (Q2 2023: -7.1). Foreign exchange differences accounted for EUR -0.3 million (-3.3) of financial items. Net interest expenses from funding, currency hedging and leasing liabilities amounted to EUR -6.6 million (-4.8) and were impacted by a higher net debt level as a result of the Georg Jensen acquisition and higher interest rates.

During the first half of the year, financial income and expenses amounted to EUR -12.8 million (Q1-Q2 2023: -10.8). Foreign exchange differences accounted for EUR 1.8 million (-3.1) of financial items. Net interest expenses from funding, currency hedging and leasing liabilities amounted to EUR -12.6 million (-9.3) and were impacted by a higher net debt level as a result of the Georg Jensen acquisition and higher interest rates.

CASH FLOW AND FINANCIAL POSITION

EUR million (unless otherwise noted) 2024 2023 2024 2023 2023 Free cash flow 49.3 41.6 29.2 54.5 184.9 56.1 Cash flow from operating activities before financial items and taxes 64.5 59.0 78.2 247.5 Cash flow from investing activities -12.7 -9.9 -22.5 -19.7 -169.8 Cash flow from financing activities -12.7 -71.0 -63.1 -121.6 -40.0 Change in cash and cash equivalents 31.5 -33.8 -41.8 -72.9 11.1 Net working capital 258.3 284.8 304.2 Capital expenditure 13.0 10.2 23.8 20.3 50.8 Net debt 477.5 342.2 446.7 Net debt/comparable EBITDA LTM, ratio 2.70 1.94 2.54 Net gearing, % 63% 43% Equity ratio, % 45% 53%	Q2	Q2	Q1-Q2	Q1-Q2
54% 47%

Cash flow from operating activities before financial items and taxes increased to EUR 64.5 million in Q2 2024 (Q2 2023: 56.1). In Q1-Q2 2024, cash flow from operating activities before financial items and taxes decreased to EUR 59.0 million (78.2).

Capital expenditure totaled EUR 13.0 million (10.2) in Q2 2024. Investments were mainly related to IT and Retail projects.

Excluding lease liabilities, short-term borrowing totaled EUR 82.6 million (120.6), and long-term borrowing EUR 331.1 million (130.3). Short-term borrowing consisted of commercial paper maturing in 2024. Long-term borrowing included bilateral loans from financial institutions, and an unsecured sustainability-linked bond issued in November 2023 to finance the acquisition of Georg Jensen. Lease liabilities were EUR 150.2 million (133.3), of which longterm lease liabilities were EUR 118.2 million (109.9), and short-term lease liabilities EUR 32.0 million (23.4). Lease liabilities increased due to the inclusion of Georg Jensen lease agreements.

Fiskars Group had EUR 250.0 million (250.0) of long-term committed credit facilities and uncommitted overdraft facilities of EUR 49.5 million (47.0). A commercial paper program of EUR 400.0 million was available with Nordic banks. Long-term committed credit facilities were not in use (0.0). Of the commercial paper program, EUR 81.9 million (119.0) was in use.

FISKARS GROUP NET WORKING CAPITAL AND FREE CASH FLOW

FISKARS GROUP NET DEBT AND NET DEBT/COMPARABLE EBITDA (LTM)

OPERATING ENVIRONMENT IN JANUARY–JUNE 2024

Low consumer confidence impacted demand negatively in most of the company's key markets during the first half of 2024. Retailers continued to be cautious in taking inventory, which affected demand in this customer segment.

The U.S. economy was resilient, although consumer spending was tilted toward categories other than discretionary goods.

In China, the demand environment continued to be healthier than in other areas. However, the growth rate has been stabilizing since late 2023.

Continued conflicts in the Red Sea, as well as political strikes in Finland at the start of the year, caused some supply chain disturbances. These events did not have a material impact on Fiskars Group in the first half of the year.

Reporting segments

This Half-year Financial Report reflects Fiskars Group's organizational structure, which features two Business Areas (BA): Vita and Fiskars. Fiskars Group's three primary reporting segments are Vita, Fiskars and Other. In addition, Fiskars Group reports net sales for three geographical areas: Europe, Americas and Asia-Pacific.

BA Vita offers premium and luxury products in the tableware, drinkware, jewelry and interior categories. It consists of brands such as Georg Jensen, Iittala, Moomin Arabia, Royal Copenhagen and Wedgwood.

BA Fiskars consists of the gardening, watering and outdoor categories, as well as the scissors and creating, and cooking categories. The brands include Fiskars and Gerber.

The Other segment contains the Group's investment portfolio, the real estate unit, corporate headquarters and shared services.

Vita segment

	Q2	Q2		Q1-Q2	Q1-Q2
EUR million	2024	2023	Change	2024	2023	Change	2023
Net sales*	129.9	113.7	14.3%	255.8	221.4	15.6%	555.3
Comparable EBIT	1.6	3.0	-45.4%	1.6	10.8	-85.4%	62.3
Capital expenditure	6.8	5.0	35.9%	12.1	9.6	26.0%	26.8

*Using comparable exchange rates excl. acquisitions and divestments, net sales decreased by 8.7% in Q2 2024 and decreased by 7.3% in Q1-Q2 2024.

VITA SEGMENT'S REPORTED NET SALES, EUR MILLION

VITA SEGMENT IN APRIL-JUNE 2024

Reported net sales in the Vita segment increased by 14.3% to EUR 129.9 million (Q2 2023: 113.7). Comparable net sales decreased by 8.7%, as low consumer confidence and retailers' cautiousness in taking inventories affected demand. Sales in China continued to increase, although at a lower rate than in previous quarters. Sweden also delivered sales growth against a low comparison period.

Net sales in DTC channels were 51% (47%) of total Vita net sales.

Comparable EBIT in the Vita segment declined to EUR 1.6 million (3.0), or 1.3% of net sales (2.6%) due to lower volumes. However, Vita's gross margin was all-time high, improving both organically and driven by Georg Jensen. Georg Jensen's EBIT contribution was highly accretive.

Adjusting production capacity to lower volumes has been a challenge in the glass factories, burdening Vita's profitability. During the quarter, the Group initiated changes in the Iittala and Rogaska factories to improve their competitiveness.

VITA SEGMENT'S COMPARABLE EBIT (EUR MILLION) AND COMPARABLE EBIT MARGIN (%)

VITA SEGMENT IN JANUARY-JUNE 2024

Reported net sales in the Vita segment increased by 15.6% to EUR 255.8 million (Q1-Q2 2023: 221.4). Comparable net sales decreased by 7.3%, as low consumer confidence and retailers' cautiousness in taking inventories affected demand.

Net sales in DTC channels were 51% (47%) of total Vita net sales, surpassing 50% for the first time in the first quarter of 2024.

Comparable EBIT in the Vita segment declined to EUR 1.6 million (10.8), or 0.6% of net sales (4.9%) due to lower volumes. Adjusting production capacity to lower volumes has been a challenge in the glass factories, burdening Vita's profitability. During the second quarter, the Group initiated changes in the Iittala and Rogaska factories to improve their competitiveness.

Vita's gross margin developed positively.

Fiskars segment

	Q2	Q2		Q1-Q2	Q1-Q2
EUR million	2024	2023	Change	2024	2023	Change	2023
Net sales*	150.1	153.1	-1.9%	306.2	319.8	-4.3%	570.5
Comparable EBIT	22.3	24.7	-9.7%	51.7	55.3	-6.5%	73.8
Capital expenditure	5.4	3.9	37.8%	9.9	8.4	17.1%	20.0

*Using comparable exchange rates excl. acquisitions and divestments, net sales decreased by 2.7% in Q2 2024 and decreased by 4.5% in Q1-Q2 2024.

FISKARS SEGMENT'S REPORTED NET SALES,EUR MILLION

FISKARS SEGMENT IN APRIL-JUNE 2024

Reported net sales in the Fiskars segment decreased by 1.9% to EUR 150.1 million (Q2 2023: 153.1). Comparable net sales decreased by 2.7% due to some softness in sell-out and retailer customers' cautiousness in taking inventories in both the U.S. and Continental Europe. This was partially offset by a strong spring season in the Nordics and continued good growth in the outdoor category driven by recent launches and listings.

Comparable EBIT in the Fiskars segment decreased to EUR 22.3 million (24.7), or 14.8% (16.1%) of net sales. The impact from the decline in volumes was partially offset by prudent cost management.

FISKARS SEGMENT'S COMPARABLE EBIT (EUR MILLION) AND COMPARABLE EBIT MARGIN (%)

FISKARS SEGMENT IN JANUARY-JUNE 2024

Reported net sales in the Fiskars segment decreased by 4.3% to EUR 306.2 million (Q1-Q2 2023: 319.8). Comparable net sales decreased by 4.5% due to slow sell-out and retailer customers' cautiousness in taking inventories. The outdoor category grew, driven by new launches and listings.

Comparable EBIT in the Fiskars segment decreased to EUR 51.7 million (55.3), or 16.9% (17.3%) of net sales. An improved gross margin and prudent cost management helped mitigate the impact of lower volumes.

Other segment

	Q2	Q2	Q1-Q2	Q1-Q2
EUR million	2024	2023	2024	2023	2023
Net sales	1.0	1.1	2.0	1.6	4.0
Comparable EBIT	-4.7	-4.2	-9.1	-11.4	-25.8
Capital expenditure	0.9	1.3	1.9	2.3	4.0

OTHER SEGMENT'S REPORTED NET SALES, EUR MILLION

OTHER SEGMENT'S COMPARABLE EBIT, EUR MILLION

OTHER SEGMENT IN APRIL-JUNE 2024

Reported net sales in the Other segment amounted to EUR 1.0 million (Q2 2023: 1.1), consisting of timber sales and rental income. The comparable EBIT for the Other segment was EUR -4.7 million (-4.2).

OTHER SEGMENT IN JANUARY-JUNE 2024

Reported net sales in the Other segment amounted to EUR 2.0 million (Q1-Q2 2023: 1.6), consisting of timber sales and rental income. The comparable EBIT for the Other segment was EUR -9.1 million (-11.4). EBIT improved from the comparison period, driven by lower expenditure in external services.

Net sales by geography

	Q2	Q2		Comparable	Q1-Q2	Q1-Q2		Comparable
EUR million	2024	2023	Change	change*	2024	2023	Change	change*	2023
Europe	129.6	120.9	7.2%	-5.9%	269.4	254.5	5.9%	-6.2%	552.2
Americas	99.0	99.7	-0.7%	-3.5%	190.1	194.7	-2.4%	-4.0%	362.4
Asia-Pacific	52.0	45.2	15.2%	-4.1%	104.5	91.2	14.5%	-4.3%	211.3
Unallocated**	0.5	2.2			-0.1	2.3			3.9
Group total	281.0	267.9	4.9%	-5.3%	564.0	542.8	3.9%	-5.5%	1,129.8

*Comparable net sales exclude the impact of exchange rates, acquisitions and divestments.

**Geographically unallocated exchange rate differences.

FISKARS GROUP'S REPORTED NET SALES SPLIT BY GEOGRAPHY, JANUARY–JUNE 2024

NET SALES BY GEOGRAPHY IN APRIL-JUNE 2024

Reported net sales in Europe increased by 7.2%, amounting to EUR 129.6 million (Q2 2023: 120.9). Comparable net sales decreased by 5.9%, with stable sales in the Nordic region and a decline in Continental Europe and the U.K.

Reported net sales in the Americas decreased by 0.7% to EUR 99.0 million (99.7). Comparable net sales decreased by 3.5%.

Reported net sales in Asia-Pacific increased by 15.2% to EUR 52.0 million (45.2). Comparable net sales decreased by 4.1%. In China, comparable net sales grew by 5%, partially offsetting declines elsewhere.

NET SALES BY GEOGRAPHY IN JANUARY-JUNE 2024

Reported net sales in Europe increased by 5.9%, amounting to EUR 269.4 million (Q1-Q2 2023: 254.5). Comparable net sales decreased by 6.2%, with stable sales in the Nordic region and a decline in Continental Europe and the U.K.

Reported net sales in the Americas decreased by 2.4% to EUR 190.1 million (194.7). Comparable net sales decreased by 4.0%.

Reported net sales in Asia-Pacific increased by 14.5% to EUR 104.5 million (91.2). Comparable net sales decreased by 4.3%. In China, comparable net sales grew by 10%, which partially offset declines elsewhere.

Consumer everyday

In the second quarter of 2024, Moomin Arabia released its first complete dinner collection, called Haru, which is inspired by the Finnish archipelago with Japanese influence. The collection consists of nine different dishes, from plates and bowls in various sizes to a teacup and chopstick holders. The pieces are designed for creating sophisticated settings without losing the playfulness provided by the Moomin stories.

Moomin Arabia also opened two new brand stores during the quarter, with a total of eight stores opened this year. These are Moomin Arabia's very first own brand stores, and they provide a unique assortment from ceramics to various Moomin accessories, clothing and books – bringing many partner products under one ceiling.

Wedgwood introduced a new color to its classic Wild Strawberry design: the Wild Strawberry Inky Blue collection. The new collection reimagines a classic Wedgwood design in a deep shade of inky blue, providing a new and contemporary expression of the design.

Wedgwood has also collaborated with ceramicist Dame Magdalene Odundo through its Artist in Residence program. As part of the program, Odundo created a bespoke artwork utilizing jasperware, a ceramic technique developed by Wedgwood. The piece is

displayed in the artist's exhibition at Houghton Hall in England, which is sponsored by the Spanish luxury brand Loewe.

Royal Copenhagen presented new Bespoke Baby Cups during the second quarter. Customers may choose from Blue Fluted Plain and Coral Fluted Plain and have a baby's name or initials hand-painted on the twohandled cup.

Georg Jensen introduced a dinnerware collection, bringing back original 1960s designs by the sculptor, artist and iconic Georg Jensen collaborator Henning Koppel. A key feature of this collection is its series of porcelain plates with blue brush strokes, inspired by Koppel's original sketches. Designed for versatility, the pieces can be layered and arranged in various configurations.

Georg Jensen also unveiled new colored editions of its iconic Fusion ring. Since its debut in 2000 as Georg Jensen's first jewelry collection exclusively crafted in 18kt gold, Fusion has firmly established itself as a timeless and sophisticated icon of the brand.

Gerber further expanded its outdoor brand positioning with the launch of the StrongArm Camp knife. Inspired by the iconic StrongArm knife, Gerber's best-selling fixed blade, this new iteration caters to outdoor enthusiasts and campers seeking a compact and more lightweight blade.

M O O M I N A R A BI A H A R U WE D G WOOD WI L D S T R A WBE R R Y I NKY BL U E

G E OR G J E NS E N FU S I ON

STRATEGY AND FINANCIAL TARGETS

Fiskars Group's Growth Strategy, launched in November 2021, outlines the strategic choices that will put Fiskars Group on a healthy path of organic growth and profitability improvement.

Fiskars Group focuses on winning brands, winning channels, and winning countries.

Winning brands: We concentrate our efforts into driving our winning brands. This is enabled through clear portfolio roles, where each brand occupies a clearly defined position based on current need and potential.
Winning channels: We continue to build momentum in our direct-to-consumer channel, while also investing in relationships with key wholesale partners.
Winning countries: We focus on countries with high growth potential and a strong existing presence.

The strategy has four transformation levers: commercial excellence; direct to consumer (DTC); the U.S.; and China. These levers are expected to transform Fiskars Group across brands, channels and countries. The four growth enablers for the strategy are: people; digital; innovation & design; and sustainability. These enablers are at the core of Fiskars Group, and they are all critical for executing the Growth Strategy.

In its Capital Markets Day in November 2023, Fiskars Group announced that it was continuing its transformation journey, while increasing precision in strategy execution. The Group has sharpened its portfolio logic to further accelerate the company profile improvement and has set clear roles for each brand. For example, Fiskars Group wants to accelerate brands such as Royal Copenhagen, Wedgwood and Georg Jensen, which have high-end positioning, as well as a strong presence in direct-to-consumer channels. The Group has also taken several steps to simplify how it operates to enable teams to execute the strategy faster.

Strategy execution is discussed quarterly in Fiskars Group's financial reports through progress in the transformation levers. Looking at the first half of the year, the Group's gross margin, which is the key performance indicator for commercial excellence, increased by 210 bps to 48.7%. Comparable DTC sales decreased by 3%, mainly due to store closures as well as a slowdown of e-commerce in China in the second quarter. However, in totality China's comparable net sales increased by 10% in the first half of the year. In the U.S., comparable net sales decreased by 4% in the first half of the year, as retailers' cautiousness in taking inventories continued to affect demand.

Fiskars Group has four financial targets. To ensure comparability, the company reports its cash flow and net debt/EBITDA targets excluding items affecting comparability (IAC), as of the fourth quarter of 2023. The purchase price allocation of the acquisition of Georg Jensen increases IACs. The targets and the Group's progress in them can be found in the following table.

Progress in the financial targets:

KPI	Target	Last 12 months	Last 3 years
Net sales	Annual organic, FX neutral Mid-Single-Digit Growth	-5.8%	-2.0%
EBIT	Mid-Teen EBIT margin (excl. IAC) by the end of 2025	8.7%	10.4%
Cash flow	Free Cash Flow / Net Profit (excl. IAC) ≥ 80%	239%	66%
Balance sheet	Net Debt / LTM EBITDA (excl. IAC) ≤ 2.5X	2.7X	1.7X

SUSTAINABILITY

Fiskars Group's ESG strategy has two commitments that guide all company actions: Pioneering design against throwaway culture; and Making the everyday extraordinary. These commitments and five key ESG targets, described below, guide the company's path to sustainable growth.

Sustainability target: the majority of Fiskars Group's net sales comes from circular products and services by 2030

Fiskars Group has integrated circularity into its innovation processes, new business development, and material choices, and the company is looking for new opportunities to keep products and materials in circulation instead of discarding them.

In the second quarter, Fiskars Group updated its definition of circular products and services. Whereas the previous definition focused more on recycled content, the new definition takes into consideration more factors such as recyclability, renewable materials and the possibility to repair products. In January-June, 24% of the Group's net sales were generated from circular products and services (1-6/2023: 8%).

Sustainability target: greenhouse gas emissions from own operations (Scopes 1 and 2) reduced by 60% from a 2017 base year by 2030

Fiskars Group aims to reduce its greenhouse gas emissions by enhancing operational efficiency and investing in renewable energy. During January-June, Scopes 1 and 2 greenhouse gas emissions decreased by 6% compared to 1-6/2023 and by 54% compared to the base year 2017. The replacement of the Iittala glass factory's previously natural gas-powered furnace with an electrical one continued to be a key contributor to the decrease in emissions against the comparison period. The furnace, powered by renewable energy, became operational in September 2023.

The Group also has a target of reducing greenhouse gas emissions from transportation and distribution (Scope 3) by 30% from a 2018 base year by 2030. Progress in this target is reported once a year. At the end of 2023, the target was surpassed, as emissions had decreased by 46% compared to the base year. However, as this decrease was mainly due to lower sales and production volumes, work on reducing transportation emissions continues.

Sustainability target: 60% of Fiskars Group's suppliers by spend covering purchased goods and services will have science-based targets by 2024

Fiskars Group is committed to reducing emissions along its value chain and supporting its suppliers in setting science-based targets. The target is that 60% of the company's suppliers by spend providing purchased goods and services will have science-based targets by 2024. By the end of the second quarter, 58% (31.3.2024: 49%) of the company's raw material, component and finished goods suppliers, as measured by 2023 spend, had set science-based targets. Fiskars Group continued to hold training sessions for its sourcing professionals to further reinforce the understanding of the importance of suppliers' sciencebased targets.

Sustainability target: Zero Lost Time Accident Frequency (LTAF) by 2030

A safe workplace is a key priority for Fiskars Group. The target for 2030 is to have zero harm with a zero Lost Time Accident Frequency (LTAF, the number of accidents causing injury resulting in an absence of at least one workday per million hours worked), including contractors. In the first half of the year, LTAF decreased by 40% to 2.8 (1-6/2023: 5.0). The number of lost time accidents decreased by 25% compared to 1-6/2023. During the quarter, Fiskars Group continued the implementation of its new health and safety strategy launched earlier this year. The implementation includes safety risk workshops and accident review boards, which facilitate information sharing regarding health and safety processes among employees.

Sustainability target: Inclusion Experience within the top 10% of global high-performing companies

Fiskars Group's aim is to create an open, inclusive working environment where everyone can grow, make a meaningful contribution, and feel that they belong. Fiskars Group's target is to be within the global top 10% of high-performing companies in terms of Inclusion Experience. Currently, the global benchmark score for this is 81 (the score is updated every six months with the latest data and may change, depending on how the global benchmark develops).

During the second quarter, Fiskars Group conducted its latest employee engagement survey for all employees, with a 73% participation rate. The Inclusion Experience score, collected for the first time for all of the Group's employees, was 77. Among office employees, the

Inclusion Experience score increased by 6 points to 76 since the previous survey, conducted for office employees only in November 2023.

During Pride Month, Fiskars Group organized two global webinars for employees on the theme of inclusive language. The sessions covered the importance of using inclusive language, as well as practical steps for internal and external communication. Additionally, Fiskars Group co-hosted a panel discussion on the same topic that focused on the LGBTQ+ community.

External recognitions

Fiskars Group was awarded the Platinum Medal in the EcoVadis sustainability rating, which places Fiskars Group among the top 1% of companies assessed within the same industry. EcoVadis is a trusted provider of business sustainability ratings, assessing companies based on their performance in environmental issues, labor & human rights, ethics and sustainable procurement.

In addition, Fiskars Group received several other ESG recognitions during the quarter. For instance, the Group was included in the Financial Times' Europe's Climate Leaders 2024 list, which focuses on businesses that have achieved the greatest reduction in their Scopes 1 and 2 GHG emissions intensity over a five-year period.

Fiskars Group also received the best score in Hiilivapaa Suomi's (Coal-free Finland) 2024 evaluation, which assessed the largest steel-using companies operating in Finland for the environmental and climate impact of their supply chains. Fiskars Group uses steel in many of its products, including pans and other cookware.

R E S E A R CH A N D D E V E L O P M E N T

The Group's research and development expenditure was EUR 4.9 million (Q2 2023: 4.8) in the second quarter of 2024, equivalent to 1.8% (1.8%) of net sales.

During the first half of the year, research and development expenses totaled EUR 9.7 million (Q1–Q2 2023: 10.4), equivalent to 1.7% (1.9%) of net sales.

P E R S O N N E L

The average number of full-time equivalent employees (FTE) was 6,525 (Q2 2023: 5,945) in the second quarter. At the end of the quarter, the Group employed 7,066 (6,306) employees. The increase in employees was driven by the acquisition of Georg Jensen.

CHANGES IN MANAGEMENT

In January-June 2024, Fiskars Group announced the following change in its Leadership Team.

On January 31, 2024, Fiskars Group announced the termination of the Group-level position of Chief Sales Officer, Europe and APAC (excl. China). As a result of this change, Gennady Jilinski stepped out of the

SAVINGS FROM THE EFFICIENCY PROGRAMS COMPLETED IN 2023

In 2023, Fiskars Group completed efficiency programs in its Business Areas and global supply chain organization in particular. The programs were estimated to result in savings of EUR 55 million in total, of which the majority would realize in 2024. These savings are expected to support EBIT in 2024, although they will be partially offset by wage inflation.

R E S O L U T I O N S O F T H E A N N U A L G E N E R A L M E E T I N G 2 0 24

The Annual General Meeting of shareholders of Fiskars Corporation was held at the Helsinki Exhibition & Convention Centre, the Conference Center Siipi (visiting address: Rautatieläisenkatu 3, Helsinki, Finland), on March 13, 2024.

The Annual General Meeting approved the financial statements for 2023 and discharged the members of the Board and the President and CEO from the liability.

The use of profit shown on the balance sheet and the payment of dividend

The Annual General Meeting decided in accordance with the proposal of the Board of Directors to pay dividend of EUR 0.82 per share for the financial period that ended on December 31, 2023. The dividend will be paid in two instalments. The ex-dividend date for the first instalment of EUR 0.41 per share was on March 14, 2024. The first instalment was paid to a shareholder who was registered in the shareholders' register of the company maintained by Euroclear Finland Ltd. on the dividend record date of March 15, 2024. The payment date for this instalment was March 22, 2024.

The second instalment of EUR 0.41 per share will be paid in September 2024. The second instalment shall be paid to a shareholder who is registered in the shareholders' register of the company maintained by Euroclear Finland Oy on the dividend record date, which, together with the payment date, shall be decided by the Board of Directors at its meeting scheduled for September 12, 2024. The ex-dividend date for the second instalment would be September 13, 2024, the dividend record date would be September 16, 2024, and the dividend payment date September 23, 2024, at the latest.

Remuneration report for governing bodies

The Annual General Meeting decided to adopt the Remuneration Report for the governing bodies.

Election and remuneration of the Board of Directors

The Annual General Meeting decided that the Board of Directors shall consist of eight (8) members. Albert Ehrnrooth, Paul Ehrnrooth, Louise Fromond, Julia

Goldin, Carl-Martin Lindahl, Volker Lixfeld and Jyri Luomakoski were re-elected to the Board of Directors. Susan Repo was elected as a new member of the Board of Directors. The term of the Board members will expire at the end of the Annual General Meeting in 2025.

The Annual General Meeting decided that the annual fees of the members of the Board of Directors shall be EUR 70,000, the annual fee of the Vice Chair EUR 105,000 and the annual fee of the Chair EUR 140,000.

In addition, for the Board and Committee meetings other than the meetings of the Audit Committee, the Board/Committee members shall be paid EUR 750 for meetings requiring travel within one (1) country and EUR 2,000 for meetings requiring international travel. The Chairs of the Board of Directors and said Committees shall be paid a fee of EUR 1,500 per meeting requiring travel within one (1) country and EUR 2,000 for meetings requiring international travel.

For the meetings of the Audit Committee, the Committee members shall be paid a fee of EUR 1,000 for meetings requiring travel within one (1) country and EUR 2,250 for meetings requiring international travel. The Chair of the Audit Committee shall be paid a fee of EUR 2,500 per meeting.

For Board/Committee meetings held per capsulam or as teleconference, it was decided that the Chairs of the Board of Directors, as well as said Committees, be paid a fee per meeting that does not differ from meeting fees otherwise payable to them and the Board/ Committee members be paid a fee of EUR 750 per meeting.

Further, the members of the Board of Directors are reimbursed for their travel and other expenses incurred due to their activities in the interest of the company.

Election and remunerations of the auditor

Ernst & Young, the Authorized Public Accountants firm, was re-elected as auditor for the term, which will expire at the end of the Annual General Meeting in 2025. Ernst & Young has announced that the responsible auditor will be Kristina Sandin, APA. The Annual General Meeting decided that the auditors' fees shall be paid according to a reasonable invoice approved by the Board of Directors.

Ernst & Young Oy, as the Auditor of the company, will also carry out the assurance of the company's sustainability reporting for the financial year 2024 in accordance with the Act 1252/2023 regarding amendments to the Finnish Companies Act. Ernst & Young Oy will be imbursed for this task as per a reasonable invoice approved by the Board of Directors.

Board authorizations

Authorizing the Board of Directors to decide on the repurchase and/or the acceptance as pledge of the company's own shares

The Annual General Meeting decided to authorize the

Board of Directors to decide on the repurchase of the company's own shares and/or the acceptance as pledge of the company's own shares. The maximum number of shares to be repurchased and/or accepted as pledge is 4,000,000. Acquisitions of the company's own shares may be made in one or several instalments and by using the unrestricted shareholders' equity of the company.

The company's own shares may be acquired in public trading on Nasdaq Helsinki Ltd at a price formed in public trading at the time of the acquisition.

The authorization may be used to acquire shares to be used for the development of the capital structure of the company, as consideration in corporate acquisitions or industrial reorganizations and as part of the company's incentive system, as well as otherwise for further transfer, retention or cancellation.

The Board of Directors is authorized to decide on all other terms and conditions regarding the acquisition and/or pledge of the company's own shares. Based on the authorization, the acquisition of the company's own shares may be made otherwise than in proportion to the share ownership of the shareholders (directed acquisition).

The authorization is effective until June 30, 2025, and it canceled the authorization to decide on the repurchase of the company's own shares granted to the Board of Directors by the Annual General Meeting on March 15, 2023.

Authorizing the Board of Directors to decide on the transfer of the company's own shares held as treasury shares (share issue)

The Annual General Meeting decided to authorize the Board of Directors to decide on the transfer of a total maximum of 4,000,000 of the company's own shares held as treasury shares (share issue), in one or several instalments, either against or without consideration.

The company's own shares held as treasury shares may be transferred, for example, as consideration in corporate acquisitions or industrial reorganizations or for the development of the capital structure of the company, or as part of its incentive system.

The Board of Directors is authorized to decide on all other terms and conditions regarding the transfer of the company's own shares held as treasury shares. The transfer of the company's own shares may also be carried out in deviation from the shareholders' preemptive rights to the company's shares (directed issue).

The authorization is effective until June 30, 2025, and it cancelled the corresponding authorization granted to the Board of Directors by the Annual General Meeting on March 15, 2023.

CO N S T I T U T I V E M E E T I N G O F T H E B O A R D A N D B O A R D CO M M I T T E E S

Convening after the Annual General Meeting held on March 13, 2024, the Board of Directors elected Paul Ehrnrooth as its Chair and Jyri Luomakoski as the Vice Chair. The Board decided to establish a Nomination Committee and appointed Paul Ehrnrooth (Chair) and Louise Fromond as members and Alexander Ehrnrooth as an external member to the Nomination Committee and further decided to establish an Audit Committee and appointed Jyri Luomakoski (Chair), Albert Ehrnrooth, Louise Fromond and Susan Repo as members of the Audit Committee and a Human Resources and Compensation Committee and appointed Paul Ehrnrooth (Chair), Jyri Luomakoski, Carl-Martin Lindahl and Volker Lixfeld, as members of the committee.

S H A R E S A N D S H A R E H O L D E R S

S h a r e c a pit a l a n d s h a r e s

Fiskars Corporation has one share series (FSKRS). All shares carry one vote and equal rights. The number of shares in the Corporation totals 81,000,000. Fiskars Corporation held 109,809 of its own shares at the end of the quarter. The share capital remained unchanged, at EUR 77,510,200.

M a r k e t c a pit a liz atio n a n d t r a d in g

Fiskars Corporation shares are traded in the Large Cap segment of Nasdaq Helsinki.

Trading on Nasdaq Helsinki

	1–6/2024	1–6/2023	1–12/2023
Trading volume,	1,649,019	2,444,628	4,920,469
shares Turnover, EUR	27,994,396	39,819,475	80,351,050
Highest price, EUR	18.46	18.44	18.52
Lowest price, EUR	15.80	13.62	13.62
Closing price, EUR	16.24	15.48	17.86
Volume weighted average
price, EUR	16.98	16.29	16.33

Fiskars Corporation shares are also traded in alternative marketplaces. In January–June 2024, the number of shares traded on Nasdaq Helsinki and in alternative marketplaces together was 1.7 million (3.2), which represents 2.1% (3.9%) of the total number of shares.

At the end of June, Fiskars Corporation had a market capitalization of EUR 1,313.7 million (1,251.0). The total number of shareholders was 32,982 (33,687) at the end of June.

F la ggin g n o t if ic a t io n s

Fiskars Corporation was not informed of any significant changes among its shareholders during the quarter.

SHARE-BASED PLANS

The aim of the share-based plans is to support the implementation of the company's strategy and drive profitable growth, and to align the objectives of employees with the shareholders to increase the value of the company. Furthermore, the goal is to increase commitment to the company by offering a competitive incentive program.

Performance Share Plan and Restricted Share Plan

On December 10, 2020, the Board of Directors decided on new share-based Long-term Incentive Plans, a Performance Share Plan, and a Restricted Share Plan for the Fiskars Group Leadership Team and other key employees. The Performance Share Plan has performance criteria and targets, whereas the Restricted Share Plan is used as a retention tool. The plans consist of annually commencing share plans, each with a three-year performance or restriction period. The Board of Directors will decide the commencement of each plan separately.

On February 8, 2024, the Board approved the launch of new periods for 2024–2026 within the Performance Share Plan and Restricted Share Plan. For the 2024– 2026 period, the Performance Share Plan has a maximum of 70 participants, and the performance targets are related to the company's absolute total shareholder return, cumulative comparable EBIT, and advancing circular products and services. The 2024– 2026 Restricted Share Plan has a maximum of 30 participants and no performance targets.

Further information about the ongoing periods in these share-based incentive plans and terms applied to the plans was published in stock exchange releases on December 10, 2020, February 4, 2022, February 7, 2023, and February 8, 2024.

During the first quarter of 2024, the Board of Directors decided on directed share issues without consideration based on both the Restricted Share Plan and Performance Share Plan to pay the share rewards for the plan periods 2021–2023. The decisions on the share issues were based on the authorization granted to the Board of Directors by Fiskars Corporation's Annual General Meeting of Shareholders held on March 15, 2023. A total of 75,584 treasury shares were transferred based on the Restricted Share Plan and the Performance Share Plan during the first quarter. During the second quarter, a further 4,640 treasury shares were transferred for the rewards of the same 2021– 2023 plan periods of both the Performance Share Plan and Restricted Share Plan.

During the second quarter, the Board of Directors also

decided on a directed share issue without consideration based on the Restricted Share Plan. The decision on the share issue was based on the authorization granted to the Board of Directors by Fiskars Corporation's Annual General Meeting of Shareholders held on March 13, 2024. In the share issue, 3,029 treasury shares were issued without consideration to a key person in accordance with the terms and conditions of the Restricted Share Plan. The shares were delivered as a sign-on compensation and transferred after the reporting period on July 5, 2024.

Ownership plan for the management

On February 7, 2023, the Board of Directors decided to launch an Ownership Plan 2023 directed at the company's President and CEO, the Fiskars Group Leadership Team, and certain key employees determined by the Board. In the Plan, the target group is given an opportunity to receive free matching shares for their personal investment in Fiskars shares. The rewards based on the Plan will be paid after the end of the three-year matching period in 2026.

In 2023, a maximum total of 190,000 shares held by the company was offered for subscription by the target group of the Plan in a directed share issue against payment, in deviation from the shareholders' preemptive right. The company had a weighty financial reason for the deviation from the shareholders' preemptive right, since the purpose of the share issue was to encourage the target group to acquire and own the company's shares as a part of the Plan. In this first directed share issue against payment, a total of 156,401 treasury shares was subscribed for by 12 employees. The total share subscription price was EUR 2,590,000.56. As part of the Plan, the Board resolved to offer to partly finance on an arm's length basis the subscriptions of the company's shares by providing interest-bearing loans to the Plan participants. The aggregate amount of finance provided by the company was EUR 1,206,274.00.

On February 8, 2024, the Board decided to offer the Plan to a few additional participants. The rewards based on the Plan will also be paid after the end of the matching period in 2026 to the new participants. A maximum total of 25,786 treasury shares held by the company was, in deviation from the shareholders' preemptive right, offered for subscription to the new participants of Fiskars Ownership Plan 2023 in a directed share issue against payment. A total of 12,894 treasury shares was subscribed for by four employees, and the total share subscription price was EUR 225,000.30. The Board resolved to offer to partly finance on an arm's length basis the subscriptions of the company's shares by providing interest-bearing loans to the new Plan participants. The aggregate amount of finance provided by the company was EUR 151,055.

Further information about the Fiskars Ownership Plan has been published in stock exchange releases published on February 7, 2023, March 10, 2023, February 8, 2024, and February 28, 2024.

"MyFiskars" employee share savings plan

On March 15, 2023, Fiskars Group announced that the Board of Directors had decided to establish an employee share savings plan, "MyFiskars", for the employees of Fiskars Group. The aim of MyFiskars is to encourage employees to acquire and own Fiskars Corporation's shares, and it is intended to create a culture of ownership, as well as to further strengthen the employees' long-term commitment to the company.

MyFiskars consists of annually commencing plan periods, each comprising a 12-month savings period and a holding period. The employees are offered the opportunity to voluntarily save a proportion of their monthly salary and to invest this in Fiskars shares. The savings will be used to acquire Fiskars shares for the participating employees quarterly after the publication dates of the company's interim reports. As a reward for their commitment, Fiskars Group grants the participating employees a gross reward of one free matching share for every two savings shares acquired. The matching shares will be granted if the participating employee remains employed at Fiskars Group at the end of the plan period, and if they have kept the shares they have acquired with their savings until this date.

At the end of 2023, 13% of all employees globally, 32% of office employees and 48% of office employees in Finland had enrolled in the plan for the first plan period covering 2023-2026.

On March 13, 2024, Fiskars Group announced that the Board of Directors had decided to launch the second plan period of MyFiskars for 2024-2027. The savings period commenced on July 1, 2024, and ends on June 30, 2025. The holding period ends on June 30, 2027. Following the enrolment period, 8% of all employees globally, 19% of office employees and 32% of office employees in Finland had enrolled for the second plan period covering 2024-2027.

SHORT-TERM RISKS AND BUSINESS UNCERTAINTIES

Fiskars Group's business, net sales and financial performance may be affected by several internal and external uncertainties.

Fiskars Group has presented the overall business risks and risk management more broadly in its Annual Report and on the company's website at

www.fiskarsgroup.com/investors. These risks still apply. The update to risks and business uncertainties since the publication of the Annual Report concerns the elections year, a cyber security incident and a certain legal proceeding.

The operating environment is expected to remain

challenging in 2024 and impact demand for the Group's products. If the difficult market conditions persist for longer than anticipated or worsen further, it may impact net sales and financial performance more than currently expected. Additionally, the outcomes of numerous elections globally in 2024 may affect the Group's operations, as political uncertainties and policy changes can further impact market conditions and regulatory environment.

Wage inflation is expected to remain elevated in 2024. If it accelerates more than anticipated, it may have a negative impact on the Group's full-year profit. Additionally, the general industrial relations climate in Finland has been unpredictable this year. For example, strikes causing significant disruptions to the Group's manufacturing operations or to logistics operations in Finland may affect the Group's net sales or profit negatively.

The demand for Fiskars Group's products across categories can be influenced by both seasonal variations and weather conditions.

For Business Area Fiskars, the first half of the year is important for the gardening category. The demand for garden tools can be significantly influenced by weather conditions. Unfavorable weather, i.e. a cold and rainy spring, can negatively impact the sales of these products, while favorable conditions can boost their sales. The back-to-school season during the second and third quarters of the year is also important for the scissors category in Business Area Fiskars.

For Business Area Vita, the second half, particularly, the fourth quarter, is the most important time of the year due to the holiday season.

Any negative developments related to product availability, demand, or increased costs in manufacturing or logistics during the important seasons can significantly affect the full-year net sales and profit.

Geopolitical risks such as the continuing war in Ukraine and ongoing conflicts in the Middle East may result in further macroeconomic uncertainty, impact market demand and supply chains, and accelerate inflation, which may have an adverse impact on the net sales and profit of the Group.

As the company continues to invest in key strategic building blocks, especially direct-to-consumer anddigital, risks related to major system implementations such as business disruptions, conflicting or missing data, budget overspend, and project delays may negatively affect the Group's business.

Fiskars Group has been subject to a cyber security incident earlier this year which has impacted a small number of the company's systems in the U.S. The company's operations have not been affected, and its business continues to operate as usual. The

investigation into the incident and impact to data is ongoing. There is a reputational risk associated with this incident, as negative findings could affect stakeholder confidence.

Despite a careful due diligence process, all acquisitions and integrations of acquired businesses include risks. Acquired businesses may not perform as expected, key individuals may decide to leave the company, the costs of the integration may exceed expectations, and synergy effects may be lower than expected.

Fiskars Group is involved in a number of legal actions, claims and other proceedings. Due to the nature of these proceedings, the final outcome of these cases cannot be predicted. Taking into account the available information to date, the outcome is not expected to have a material impact on the operations and financial position of the Group nor impact the guidance for 2024. It is possible that based on later information, the view may be reconsidered. In particular, the well-known and strong Fiskars Group's brands are exposed to e.g. infringement of intellectual property rights and therefore enforcement actions are part of ordinary business. Among others, Fiskars Group has initiated legal proceedings in 2022 against a third party and a few former Fiskars Group employees, regarding patent infringements, trade secret misappropriation, false advertising, and tortious interference, and breach of contract, filed in Wisconsin, USA. The counterparty filed a response and counterclaim to Fiskars Group's lawsuit including patent infringement, false advertising and tortious interference. Currently this lawsuit is in a discovery phase and a trial is expected to commence in October 2024. Based on Fiskars Group's current understanding there is no reason to believe that the lawsuit would have a material impact on the Group's operations or financial position. It is possible this view may be reconsidered as the litigation proceeds.

STOCK EXCHANGE RELEASES DURING THE REPORTING PERIOD

Date	Release
9.1.2024	Fiskars Group recognizes negative goodwill from the Georg Jensen acquisition and records a gain of EUR 25.4 million as items affecting comparability – no impact on guidance for 2023
10.1.2024	Listing prospectus for Fiskars Corporation's EUR 200 million sustainability-linked notes available; listing application submitted
31.1.2024	Change in the Fiskars Group Leadership Team – the Group-level position of Chief Sales Officer terminated
2.2.2024	Proposals of the Nomination Committee of the Board of Directors to Fiskars Corporation's Annual General Meeting 2024
8.2.2024	Fiskars Corporation's Financial Statement Release 2023
8.2.2024	Notice to Fiskars Corporation Annual General Meeting
8.2.2024	Fiskars Corporation's directed share issue without consideration based on the Restricted Share Plan
8.2.2024	New periods to start within the share based long-term incentive programs of Fiskars Group
8.2.2024	Fiskars Corporation offers the ownership plan for the company's management to new participants
12.2.2024	Fiskars Corporation – Notification of management's transactions – Ahlström
12.2.2024	Fiskars Corporation – Notification of management's transactions – Siitonen
20.2.2024	Fiskars Corporation's Annual Report 2023 published
28.2.2024	Directed share issue related to the Fiskars Ownership Plan 2023 for the company's management and transfer of the company's own shares
11.3.2024	Fiskars Corporation's directed share issue without consideration based on the Performance Share Plan
13.3.2024	The Board of Directors of Fiskars Corporation launches the second plan period for the employee share savings plan
13.3.2024	Fiskars Corporation – Transfer of the company's own shares
13.3.2024	Resolutions of Fiskars Corporation's Annual General Meeting 2024

Date	Release
14.3.2024	Fiskars Corporation – Notification of management's transactions – Ahlström
14.3.2024	Fiskars Corporation – Notification of management's transactions – Siitonen
2.4.2024	Fiskars Corporation – Transfer of the company's own shares
25.4.2024	Fiskars Corporation Interim Report for January-March 2024
3.5.2024	Fiskars Corporation – Notification of management's transactions – Ahlström
3.5.2024	Fiskars Corporation – Notification of management's transactions – Siitonen
7.6.2024	Fiskars Corporation's directed share issue without consideration based on the Restricted Share Plan

G U I D A N C E F O R 2 0 2 4 ( U N CH A N G E D )

Fiskars Corporation expects comparable EBIT to be slightly above the 2023 level (2023: EUR 110.3 million).

A S S U M P T I O N S B E H I N D T H E G U I D A N C E

Espoo, Finland, July 17, 2024

F I S K A R S C O R P O R A T I O N Board of Directors

Consolidated income statement

	Q2	Q2		Q1-Q2	Q1-Q2
EUR million	2024		2023 Change	2024		2023 Change	2023

Net sales	281.0	267.9	4.9%	564.0	542.8	3.9%	1,129.8
Cost of goods sold	-157.5	-142.5	10.5%	-317.6	-289.8	9.6%	-618.5
Gross profit	123.5	125.4	-1.5%	246.4	252.9	-2.6%	511.4
Other operating income	1.7	0.7		3.4	1.3		28.9
Sales and marketing expenses	-82.4	-70.3	17.3%	-159.3	-132.9	19.9%	-292.6
Administration expenses	-33.2	-28.4	17.1%	-66.8	-59.3	12.7%	-124.5
Research and development expenses	-4.9	-4.8	3.0%	-9.7	-10.4	-6.6%	-19.8
Other operating expenses	-4.4	-0.4		-7.4	-0.5		-4.5
EBIT*	0.3	22.2	-98.7%	6.7	51.2	-87.0%	98.9
Change in fair value of biological assets	1.1	1.5	-29.3%	2.0	2.6	-20.3%	4.8
Financial income and expenses	-9.0	-7.1	27.1%	-12.8	-10.8	18.9%	-24.0
Profit before taxes	-7.7	16.6		-4.1	42.9		79.7
Income taxes	1.7	-4.0		0.6	-9.8		-9.7
Profit for the period	-6.0	12.6		-3.6	33.1		70.0
Attributable to:
Equity holders of the parent company	-6.3	12.6		-3.9	32.9		69.9
Non-controlling interest	0.3	-0.0		0.3	0.3	15.6%	0.2
Earnings for equity holders of the parent company
per share, EUR (basic and diluted)	-0.08	0.16		-0.05	0.41		0.86
Comparable earnings per share, EUR	0.10	0.17	-37.9%	0.35	0.44	-19.6%	0.99
* Comparable EBIT (detailed in notes)	19.2	23.4	-18.2%	44.2	54.7	-19.1%	110.3

Consolidated statement of comprehensive income

	Q2	Q2	Q1-Q2	Q1-Q2
EUR million	2024	2023	2024	2023	2023

Profit for the period	-6.0	12.6	-3.6	33.1	70.0
Other comprehensive income for the period
Items that may be reclassified subsequently to profit or loss:
Translation differences	3.8	-3.0	4.9	-7.4	-8.3
Cash flow hedges	0.6	0.8	0.5	0.6	-0.7
Items that will not be reclassified to profit or loss:
Defined benefit plans, actuarial gains (losses) net of tax	-0.0	0.0	0.0	0.2	-0.1
Other comprehensive income for the period, net of tax	4.4	-2.3	5.4	-6.6	-9.1

Total comprehensive income for the period	-1.6	10.3	1.9	26.6	61.0

Attributable to:
Equity holders of the parent company	-1.9	10.5	1.7	26.5	60.9
Non-controlling interest	0.3	-0.2	0.2	0.1	0.0
Total comprehensive income for the period	-1.6	10.3	1.9	26.6	61.0

Consolidated balance sheet

	Jun 30	Jun 30
EUR million	2024	2023	Change	2023

ASSETS
Non-current assets
Goodwill	221.5	220.9	0.3%	220.1
Other intangible assets	374.3	281.0	33.2%	371.7
Property, plant and equipment	162.3	147.0	10.5%	163.2
Right-of-use assets	141.9	126.9	11.8%	143.4
Biological assets	53.3	49.0	8.8%	51.3
Investment property	6.5	5.5	19.0%	5.3
Financial assets at fair value through profit or loss	30.2	30.4	-0.6%	30.9
Other investments	1.8	3.5	-48.0%	3.5
Deferred tax assets*	31.8	28.1	13.1%	28.4
Other non-current assets	10.7	7.0	52.8%	11.0
Non-current assets total	1,034.4	899.3	15.0%	1,028.8

Current assets
Inventories	342.6	311.7	9.9%	364.0
Trade receivables	183.4	176.5	3.9%	177.2
Other current receivables	47.5	48.3	-1.7%	52.0
Income tax receivables	3.7	4.1	-11.1%	4.2
Interest-bearing receivables	0.0	1.4	-99.9%	1.4
Cash and cash equivalents	86.3	42.0		127.3
Current assets total	663.6	584.1	13.6%	726.1
Assets total	1,698.0	1,483.4	14.5%	1,754.9


EQUITY AND LIABILITIES
Equity
Equity attributable to the equity holders of the parent company*	753.7	785.0	-4.0%	819.9
Non-controlling interest	4.0	4.1	-4.4%	3.8
Equity total	757.6	789.1	-4.0%	823.7

Non-current liabilities
Interest-bearing liabilities	331.1	130.3		330.7
Lease liabilities	118.2	109.9	7.5%	117.4
Deferred tax liabilities	34.8	34.5	0.9%	38.8
Employee defined benefit obligations	12.2	11.0	11.6%	12.1
Provisions	3.1	2.2	42.7%	3.3
Other non-current liabilities	4.2	3.4	23.9%	4.1
Non-current liabilities total	503.6	291.2	73.0%	506.4

Current liabilities
Interest-bearing liabilities	82.6	120.6	-31.6%	92.5
Lease liabilities	32.0	23.4	37.0%	33.3
Trade payables*	118.5	59.9	97.7%	102.1
Other current payables	196.9	192.1	2.5%	184.5
Income tax liabilities	3.6	3.9	-7.8%	6.7
Provisions	3.2	3.1	3.0%	5.8
Current liabilities total	436.7	403.1	8.4%	424.9

Equity and liabilities total	1,698.0	1,483.4	14.5%	1,754.9

*2023 opening balance restated, details in equity statement.

Consolidated statement of cash flows

EUR million	Q2 2024	Q2 2023	Q1-Q2 2024	Q1-Q2 2023	2023

Cash flow from operating activities
Profit before taxes	-7.7	16.6	-4.1	42.9	79.7
Adjustments for
Depreciation, amortization and impairment	21.2	14.9	41.2	29.9	66.0
Gain/loss on sale and loss on scrap of non-current assets	-0.0	-0.2	-0.2	-0.1	-0.4
Other financial items	9.0	7.1	12.8	10.8	23.9
Change in fair value of biological assets	-1.1	-1.5	-2.0	-2.6	-4.8
Change in provisions and other non-cash items	-2.6	13.6	-12.7	3.6	-27.9
Cash flow before changes in working capital	18.8	50.5	35.0	84.6	136.6
Changes in working capital
Change in current assets, non-interest-bearing	15.7	-11.8	2.6	-21.5	1.2
Change in inventories	1.1	37.7	32.6	56.0	114.9
Change in current liabilities, non-interest-bearing	28.9	-20.3	-11.1	-40.9	-5.1
Cash flow from operating activities before financial items and taxes	64.5	56.1	59.0	78.2	247.5
Financial income received and costs paid	-5.4	-4.6	-9.2	-6.3	-14.8
Taxes paid	-2.2	-4.3	-6.0	-3.4	-11.9
Cash flow from operating activities (A)	56.9	47.2	43.9	68.4	220.8
Cash flow from investing activities
Investments in financial assets					-0.2
Capital expenditure on fixed assets	-13.0	-10.2	-23.8	-20.3	-50.8
Proceeds from sale of fixed assets	0.1	0.1	0.1	0.3	0.9
Acquired in business combinations, net of cash acquired					-121.3
Other dividends received	0.1	0.1	0.1	0.1	0.5
Cash flow from other investments	0.1	0.0	1.0	0.1	1.1
Cash flow from investing activities (B)	-12.7	-9.9	-22.5	-19.7	-169.8
Cash flow from financing activities
Purchase of treasury shares		-0.1		-0.1	-0.4
Change in current receivables	0.0	0.2	1.4	0.3	2.2
Proceeds from non-current debt	0.0	-0.0	0.0	0.1	198.8
Repayments of non-current debt	-0.1	-0.1	-0.2	-0.3	-0.4
Change in current debt	-2.4	-64.2	-11.0	-77.0	-145.6
Payment of lease liabilities	-10.2	-7.0	-20.3	-13.7	-30.8
Cash flow from other financing items	0.1	0.3	0.2	1.4	1.4
Dividends paid	-0.1	0.0	-33.2	-32.3	-65.1
Cash flow from financing activities (C)	-12.7	-71.0	-63.1	-121.6	-40.0
Change in cash and cash equivalents (A+B+C)	31.5	-33.8	-41.8	-72.9	11.1
Cash and cash equivalents at beginning of period	53.7	76.3	127.3	115.8	115.8
Translation difference	1.1	-0.6	0.9	-0.9	0.4
Cash and cash equivalents at end of period	86.3	42.0	86.3	42.0	127.3

Condensed consolidated statement of changes in equity

	Attributable to the equity holders of the parent company
			Cumul.	Fair	Actuarial		Non
		Share Treasury	transl.		value gains and Retained		controlling
EUR million	capital	shares	diff.	reserve		losses earnings	interest	Total
Opening Balance Jan 1, 2023	77.5	-6.7	18.1	0.1	-0.1	742.7	4.1	835.6
Correction relating to prior periods*						-11.8		-11.8
Opening Balance Jan 1, 2023	77.5	-6.7	18.1	0.1	-0.1	730.9	4.1	823.9
Total comprehensive income for the period			-7.2	0.6	0.2	32.9	0.1	26.6
Purchase and issue of treasury shares		2.5				0.1		2.6
Share-based payments		1.6				-0.9		0.6
Dividends						-64.6		-64.6
Other changes						0.1		0.1
Balance at Jun 30, 2023	77.5	-2.7	10.9	0.7	0.1	698.4	4.1	789.1

Opening Balance Jan 1, 2024	77.5	-3.0	9.9	-0.6	-0.1	736.2	3.8	823.7
Total comprehensive income for the period			5.0	0.5	0.0	-3.9	0.2	1.9
Purchase and issue of treasury shares		0.2				0.0		0.2
Share-based payments		1.1				-2.2		-1.0
Dividends						-66.3	0.0	-66.3
Other changes						-0.8		-0.8
Balance at Jun 30, 2024	77.5	-1.7	15.0	-0.1	-0.1	663.1	4.0	757.6

*Correction to previous years according to IAS 8.43 and 8.44, adjustment related to inventory purchases in the US market. Additionally, 1.1.2023 Trade payables balance has been adjusted by an increase of 14.7 MEUR and Deferred tax assets by 2.9 MEUR.

Notes to the Half-year Financial Report

ACCOUNTING PRINCIPLES

This unaudited Half-year financial report is prepared in accordance with IAS 34 Interim Financial Reporting using the same accounting policies and methods of computation as in the annual financial statements.

Figures presented have been rounded and the sum of individual figures may therefore differ from the presented total figure.

Reporting segments

	Q2	Q2		Q1-Q2	Q1-Q2
EUR million	2024		2023 Change	2024		2023 Change	2023
Net sales
Vita	129.9	113.7	14.3%	255.8	221.4	15.6%	555.3
Fiskars	150.1	153.1	-1.9%	306.2	319.8	-4.3%	570.5
Other	1.0	1.1		2.0	1.6		4.0
Group total	281.0	267.9	4.9%	564.0	542.8	3.9%	1,129.8

	Q2	Q2		Q1-Q2	Q1-Q2
EUR million	2024		2023 Change	2024		2023 Change	2023
EBIT
Vita	-14.0	2.6		-29.9	9.0		61.8
Fiskars	19.1	24.0	-20.5%	45.8	53.7	-14.7%	63.3
Other	-4.9	-4.4		-9.3	-11.5		-26.2
Group total	0.3	22.2	-98.7%	6.7	51.2	-87.0%	98.9
	Q2	Q2		Q1-Q2	Q1-Q2
EUR million	2024		2023 Change	2024		2023 Change	2023
Items affecting comparability in EBIT
Vita	15.6	0.4		31.5	1.8		0.5
Fiskars	3.1	0.6		5.9	1.6		10.5
Other	0.1	0.1		0.2	0.1		0.4
Group total	18.9	1.2		37.6	3.5		11.4

	Q2	Q2		Q1-Q2	Q1-Q2
EUR million	2024		2023 Change	2024		2023 Change	2023
Depreciation, amortization and impairment
Vita	14.0	8.0	73.9%	26.9	16.5	63.2%	37.6
Fiskars	5.9	5.8	1.7%	12.4	11.4	8.4%	24.0
Other	1.3	1.0		1.9	2.0		4.5
Group total	21.2	14.9	42.6%	41.2	29.9	37.7%	66.0
	Q2	Q2		Q1-Q2	Q1-Q2
EUR million	2024		2023 Change	2024		2023 Change	2023
Capital expenditure
Vita	6.8	5.0	35.9%	12.1	9.6	26.0%	26.8
Fiskars	5.4	3.9	37.8%	9.9	8.4	17.1%	20.0
Other	0.9	1.3		1.9	2.3		4.0
Group total	13.0	10.2	27.7%	23.8	20.3	17.5%	50.8

Net sales by geography

	Q2	Q2		Q1-Q2	Q1-Q2
EUR million	2024		2023 Change	2024		2023 Change	2023
Net sales
Europe	129.6	120.9	7.2%	269.4	254.5	5.9%	552.2
Americas	99.0	99.7	-0.7%	190.1	194.7	-2.4%	362.4
Asia-Pacific	52.0	45.2	15.2%	104.5	91.2	14.5%	211.3
Unallocated*	0.5	2.2		-0.1	2.3		3.9
Group total	281.0	267.9	4.9%	564.0	542.8	3.9%	1,129.8

*Geographically unallocated exchange rate differences.

EBIT and Comparable EBIT

	Q2	Q2		Q1-Q2	Q1-Q2
EUR million	2024		2023 Change	2024		2023 Change	2023
EBIT	0.3	22.2	-98.7%	6.7	51.2	-87.0%	98.9
Depreciation and amortization	21.2	14.9	42.6%	41.2	29.9	37.7%	66.0
EBITDA	21.5	37.1	-42.1%	47.9	81.1	-40.9%	164.9
Items affecting comparability in EBIT
Organizational changes	1.7	1.2	44.5%	3.7	3.4	7.9%	12.3
Georg Jensen acquisition / Inventory fair value step-up release	13.7			27.4			13.7
Georg Jensen acquisition / Gain from negative goodwill	0.0			0.0			-25.4
Georg Jensen acquisition / Transaction costs	0.0			0.1			5.6
Georg Jensen acquisition / Integration costs	0.5			1.5			1.6
Sale of Watering business	2.9	0.0		4.8	0.1		3.6
Total items affecting comparability in EBIT	18.9	1.2		37.6	3.5		11.4
Comparable EBIT	19.2	23.4	-18.2%	44.2	54.7	-19.1%	110.3
Depreciation and amortization, excl. IAC	21.4	14.7	45.7%	41.2	29.4	40.1%	65.5
Comparable EBITDA	40.5	38.1	6.4%	85.5	84.1	1.6%	175.8

EBIT and Comparable EBIT by income statement line item

	Q2			Q2
	2024			2023
		Items affecting	Excl. Items affecting		Items affecting	Excl. Items affecting
	Total	comparability	comparability	Total	comparability	comparability
Net sales	281.0		281.0	267.9		267.9
Cost of goods sold	-157.5	14.4	-143.1	-142.5		-142.5
Sales and marketing expenses	-82.4	1.2	-81.2	-70.3	0.9	-69.3
Administration expenses	-33.2	0.3	-32.9	-28.4	0.1	-28.2
Research and development expenses	-4.9	0.0	-4.9	-4.8		-4.8
Other operating income and expenses	-2.7	3.0	0.3	0.3	0.1	0.4
EBIT	0.3	18.9	19.2	22.2	1.2	23.4

EUR million		2024			2023
	Total	Items affecting comparability	Excl. Items affecting comparability	Total	Items affecting comparability	Excl. Items affecting comparability
Net sales	281.0		281.0	267.9		267.9
Cost of goods sold	-157.5	14.4	-143.1	-142.5		-142.5
Sales and marketing expenses	-82.4	1.2	-81.2	-70.3	0.9	-69.3
Administration expenses	-33.2	0.3	-32.9	-28.4	0.1	-28.2
Research and development expenses	-4.9	0.0	-4.9	-4.8		-4.8
Other operating income and expenses	-2.7	3.0	0.3	0.3	0.1	0.4
EBIT	0.3	18.9	19.2	22.2	1.2	23.4
EUR million		Q1-Q2 2024			Q1-Q2 2023

			Excl. Items			Excl. Items
		Items affecting	affecting		Items affecting	affecting
	Total	comparability*	comparability	Total	comparability*	comparability
Net sales	564.0		564.0	542.8		542.8
Cost of goods sold Sales and marketing expenses	-317.6 -159.3	28.2 3.5	-289.4 -155.8	-289.8 -132.9	0.1 2.8	-289.8 -130.0
Administration expenses	-66.8	1.0	-65.8	-59.3	0.3	-58.9
Research and development expenses	-9.7	0.1	-9.6	-10.4	0.1	-10.3
Other operating income and expenses	-3.9	4.8	0.9	0.8	0.2	1.0
EBIT	6.7	37.6	44.2	51.2	3.5	54.7
In Q2 2024, items affecting comparability related to depreciation and amortization amounted to EUR -0.2 million (Q2 2023: 0.2). In Q1-Q2 2024, items affecting comparability related to depreciation and amortization amounted to
EUR 0.0 million (Q1-Q2 2023: 0.5).
EUR million		2023
			Excl. Items
		Items affecting	affecting
	Total	comparability	comparability
Net sales	1,129.8		1,129.8
Cost of goods sold	-618.5	17.3	-601.2
Sales and marketing expenses	-292.6	13.9	-278.7
Administration expenses	-124.5	1.8	-122.7
Research and development expenses	-19.8	0.1	-19.7
Other operating income and expenses	24.5	-21.7	2.8
EBIT	98.9	11.4	110.3
Total items affecting comparability included EUR 0.5 million depreciation and amortization related items in 2023.

EUR million		2023
	Total	Items affecting comparability	Excl. Items affecting comparability
Net sales	1,129.8		1,129.8
Cost of goods sold	-618.5	17.3	-601.2
Sales and marketing expenses	-292.6	13.9	-278.7
Administration expenses	-124.5	1.8	-122.7
Research and development expenses	-19.8	0.1	-19.7
Other operating income and expenses	24.5	-21.7	2.8
EBIT	98.9	11.4	110.3

Intangible and tangible assets

	Jun 30	Jun 30	Dec 31
EUR million	2024	2023	2023
Intangible assets and goodwill
Book value, Jan 1	591.8	499.8	499.8
Translation differences	2.9	-1.1	-2.4
Additions	11.9	9.6	24.5
Acquired in business combinations			85.7
Amortization and impairment	-11.5	-6.4	-15.1
Decreases and transfers	0.9	-0.2	-0.7
Book value at end of period	595.9	501.9	591.8


Tangible assets and investment property
Book value, Jan 1	168.5	152.0	152.0
Translation differences	1.2	-0.3	-0.2
Additions	12.0	10.4	26.0
Acquired in business combinations			11.4
Depreciation and impairment	-12.0	-10.2	-21.6
Decreases and transfers	-0.8	0.5	0.9
Book value at end of period	168.9	152.5	168.5

Right-of-use assets
Book value, Jan 1	143.4	110.6	110.6
Translation differences	1.6	-1.5	-1.7
Additions	16.0	36.7	49.1
Acquired in business combinations			21.4
Depreciations	-18.7	-13.2	-29.3
Decreases	-0.3	-5.6	-6.7
Book value at end of period	141.9	126.9	143.4

Contingencies and pledged assets

	Jun 30	Jun 30	Dec 31
EUR million	2024	2023	2023
As security for own commitments
Guarantees	7.0	5.1	4.7
Other contingencies	1.8	1.7	1.8
Contingencies and pledged assets total	8.9	6.8	6.5

Other contingencies include a commitment of USD 1.7 million to invest in private equity funds.

Derivatives

	Jun 30	Jun 30	Dec 31
EUR million	2024	2023	2023
Nominal amounts of derivatives
Derivatives, hedge accounting not applied:
Foreign exchange forwards and swaps	344.9	312.6	338.8
Commodity derivatives	4.9		4.3
Cross currency swaps	18.6
Derivatives, hedge accounting applied:
Interest rate swaps	165.0	75.0	165.0
Fair value of derivatives
Derivatives, hedge accounting not applied:
Foreign exchange forwards and swaps	-0.9	-0.3	1.3
Commodity derivatives	0.0		0.1
Cross currency swaps	-0.2
Derivatives, hedge accounting applied:
Interest rate swaps	1.9	0.7	1.2

Derivatives have been valued at market value on the reporting date.

Fiskars Group applies hedge accounting to interest rate swaps. Fair value change is recognized in equity through other comprehensive income (cash flow hedges) or in financial items in profit and loss (fair value hedges). Hedge accounting is not applied on commodity derivatives. Fair value changes are recognized in financial items.

Net debt reconciliation

	Jun 30	Jun 30	Dec 31
EUR million	2024	2023	2023
Loans from credit institutions	212.6	250.9	222.6
Issued bonds	201.0		200.5
Lease liabilities	150.2	133.3	150.8
Cash and cash equivalents	-86.3	-42.0	-127.3
Net debt	477.5	342.2	446.7

Exchange rate sensitivity of the operations

The most significant transaction risks are related to the appreciation of DKK, USD, THB and the depreciation of SEK, JPY and AUD. The following table presents the estimated annual net commercial cash flows in the most significant currencies:

EUR million	DKK	SEK	USD	JPY	AUD	THB	NOK	CAD	IDR
Operational currency position	-36.3	30.5	-30.4	24.0	23.8	-21.1	20.4	14.1	-12.5
Exchange rate sensitivity of the operations*	3.6	-3.1	3.0	-2.4	-2.4	2.1	-2.0	-1.4	1.2

*Illustrates the impact of 10% depreciation of the currency on the Group's annual profit before taxes had the cash flows not been hedged.

Most of the foreign exchange transaction risks related to the commercial cash flows are hedged primarily using currency forwards and swaps. As Fiskars does not apply hedge accounting to these currency derivatives, both the realized and unrealized gains and losses on the derivatives are included in the income statement.

Fair value of financial instruments

Hierarchy level 1 includes financial assets and liabilities that are publicly quoted in an active market. Level 2 includes financial assets and liabilities measured using directly observable market inputs. Other than publicly quoted interestbearing debts and derivatives fall within this category. Level 3 includes financial assets and liabilities measured using non-market observable inputs. The asset classes in this category are unlisted equity investments and funds.

Level 1	Level 2	Level 3	Total
		30.2	30.2
		3.5	3.5
	3.7		3.7
	3.7	33.7	37.4
	2.9		2.9
	2.9		2.9

Level 1	Level 2	Level 3	Total
		30.4	30.4
		3.5	3.5
	2.3		2.3
	2.3	33.9	36.1
	1.8		1.8
	1.8		1.8

Level 1	Level 2	Level 3	Total
		30.9	30.9
		3.5	3.5
	4.9		4.9

Total assets 4.9 34.3 39.2 Derivative liabilities 2.3 2.3 Total liabilities 2.3 2.3

Financial assets at fair value through profit or loss consist of unlisted funds. The fair value of unlisted funds is based on the market value reported by the fund (level 3) and changes are recognized in the income statement. Other investments include unlisted shares as well as non-current receivables. Unlisted shares and other investments are measured at fair value (level 3). Fair value of unlisted shares equals acquisition value.

Acquisitions and divestments

Acquisitions and divestments in 2024

There were no acquisitions or divestments in the first half of 2024.

Acquisitions and divestments in 2023

Acquisition of Georg Jensen

On October 1, 2023, Fiskars Group announced that it has completed the acquisition of renowned Danish luxury lifestyle brand Georg Jensen by acquiring 100% of the shares of Georg Jensen Investment ApS. Georg Jensen is headquartered in Copenhagen, Denmark and is present in over 10 countries. In 2022, Georg Jensen employed 1,205 employees (FTEs), net sales were EUR 158.1 million and EBIT was EUR 14.9 million.

The enterprise value of the acquisition was approximately EUR 155 million on a cash and debt free basis, and final consideration transferred after ordinary post-closing adjustments was EUR 124.7 million. The amount of consideration is final and does not carry any contingent consideration arrangements. Fiskars Group financed the acquisition with debt.

The acquisition supports Fiskars Group's Growth Strategy by expanding the company's luxury home brand portfolio, which already includes the iconic brands of Royal Copenhagen, Waterford and Wedgwood. Furthermore, reuniting the beloved Danish design brands Georg Jensen and Royal Copenhagen offers attractive commercial excellence opportunities. Georg Jensen's position in direct-to-consumer (DTC) channels is strong with over 50% of sales from own retail and e-commerce. In terms of markets, Fiskars Group sees potential to expand the brand's presence in China in particular. Commercial excellence, DTC and China are three of the four transformation levers in Fiskars Group's Growth strategy.

The transaction is expected to create significant cost synergies related to, for example, support functions and sourcing. The annual synergies are expected to amount approximately EUR 18 million, majority of which is expected to be realized by the end of 2025.

As a result of purchase price allocation Fiskars Group recognized a negative goodwill of EUR 25.4 million. Main items driving fair value of net assets being higher than purchase consideration were valuation of trademark and customer lists, and inventory fair value step-up for finished goods. Fiskars Group was able to acquire Georg Jensen for less than the fair value of its assets because the private equity seller wanted to exit from the Georg Jensen business.

The purchase price allocation is provisional.* The following table summarizes the consideration paid, provisional amounts for the fair value of assets acquired and liabilities assumed as well as cash flow impact at the date of acquisition. The net assets acquired are denominated in DKK. EUR values have been translated using foreign exchange rate prevailing at the date of acquisition.

EUR million	Oct 1, 2023
Non-current assets
Intangible assets	85.9
Property, plant & equipment	11.3
Right-of-use assets	21.5
Deferred tax assets	20.2
Other non-current assets	3.8
Non-current assets total	142.7
Current assets
Inventories	108.5
Trade and other receivables	27.0
Cash and cash equivalents	3.3
Current assets total	138.8
Assets total	281.5
Non-current liabilities
Interest-bearing liabilities	41.5
Lease liabilities	13.2
Deferred tax liabilities	32.0
Other non-current liabilities	1.5
Non-current liabilities total	88.1
Current liabilities
Interest-bearing liabilities	2.6
Lease liabilities	8.2
Trade payables	11.1
Other current liabilities	21.3
Current liablities total	43.3
Liabilities total	131.4
Net assets	150.1
Consideration transferred	124.7
Bargain purchase	-25.4
Cash flows related to acquisition:	Oct 1, 2023
Consideration paid	124.7
Cash and cash equivalents acquired	-3.3
Acquired in business combinations	121.3

* According to IFRS 3, adjustments to purchase price allocation are possible for a year after the closing of the acquisition, that being until September 30, 2024.

The acquired business have been consolidated into the Group financials as of October 1, 2023 onwards. From the date of acquisition, the acquired business contributed EUR 53.8 million of revenue and EUR 22.3 million of EBIT to the Group in 2023, including EUR -13.7 million release of inventory fair value step-up as well as EUR -0.3 million of depreciation and amortization of tangible and intangible assets recognized at acquisition. In October-December, the acquired business contributed comparable EBIT of EUR 12.2 million.

If the acquisition had occurred on January 1, 2023, management estimates that the combined statement of income would show net sales of EUR 1,225.2 million and EBIT of EUR 43.5 million. These pro forma amounts include the fair value adjustments determined as at December 31, 2022 for the period of January-September 2023. Comparable EBIT for the period of January-December would have been EUR 100.6 million.

Acquisition related costs of EUR 5.6 million have been charged to Selling, general and administrative costs in the Consolidated statement of income in 2023 and presented as Items Affecting Comparability.

AI assistant

Fiskars Oyj Abp — Interim / Quarterly Report 2024

3218_ir_2024-07-18_44eaaacc-bea7-425a-ab90-34f5f44cade0.pdf

Fiskars Group Half-year financial report 2024

Half-year financial report January–June 2024

ANOTHER SOLID QUARTER IN CHALLENGING MARKET CONDITIONS – ACCELERATING EFFICIENCY IMPROVEMENTS

APRIL–JUNE 2024 IN BRIEF

JANUARY–JU NE 2024 IN BRIEF

GUIDANCE FOR 2024 (UNCHANGED)

ASSUMPTIONS BEHIND THE GUIDANCE

CEO's review

Group key figures

Performance by reporting segments

Group performance

FISKARS GROUP NET SALES IN APRIL-JUNE 2024

FISKARS GROUP NET SALES IN JANUARY-JUNE 2024

FISKARS GROUP REPORTED NET SALES, EUR MILLION

FISKARS GROUP REPORTED NET SALES LAST 12 MONTHS, EUR MILLION

FISKARS GROUP COMPARABLE EBIT IN APRIL-JUNE 2024

FISKARS GROUP COMPARABLE EBIT IN JANUARY-JUNE 2024

FISKARS GROUP COMPARABLE EBIT, EUR MILLION

FISKARS GROUP COMPARABLE EBIT LAST 12 MONTHS, EUR MILLION

FISKARS GROUP COMPARABLE EBIT MARGIN

FINANCIAL ITEMS, CASH FLOW AND FINANCIAL POSITION

FINANCIAL ITEMS

CASH FLOW AND FINANCIAL POSITION

FISKARS GROUP NET WORKING CAPITAL AND FREE CASH FLOW

FISKARS GROUP NET DEBT AND NET DEBT/COMPARABLE EBITDA (LTM)

OPERATING ENVIRONMENT IN JANUARY–JUNE 2024

Reporting segments

Vita segment

VITA SEGMENT'S REPORTED NET SALES, EUR MILLION

VITA SEGMENT IN APRIL-JUNE 2024

VITA SEGMENT'S COMPARABLE EBIT (EUR MILLION) AND COMPARABLE EBIT MARGIN (%)

VITA SEGMENT IN JANUARY-JUNE 2024

Fiskars segment

FISKARS SEGMENT'S REPORTED NET SALES,EUR MILLION

FISKARS SEGMENT IN APRIL-JUNE 2024

FISKARS SEGMENT'S COMPARABLE EBIT (EUR MILLION) AND COMPARABLE EBIT MARGIN (%)

FISKARS SEGMENT IN JANUARY-JUNE 2024

Other segment

OTHER SEGMENT'S REPORTED NET SALES, EUR MILLION

OTHER SEGMENT'S COMPARABLE EBIT, EUR MILLION

OTHER SEGMENT IN APRIL-JUNE 2024

OTHER SEGMENT IN JANUARY-JUNE 2024

Net sales by geography

FISKARS GROUP'S REPORTED NET SALES SPLIT BY GEOGRAPHY, JANUARY–JUNE 2024

NET SALES BY GEOGRAPHY IN APRIL-JUNE 2024

NET SALES BY GEOGRAPHY IN JANUARY-JUNE 2024

Consumer everyday

M O O M I N A R A BI A H A R U WE D G WOOD WI L D S T R A WBE R R Y I NKY BL U E

G E OR G J E NS E N FU S I ON

STRATEGY AND FINANCIAL TARGETS

Progress in the financial targets:

SUSTAINABILITY

Sustainability target: the majority of Fiskars Group's net sales comes from circular products and services by 2030

Sustainability target: greenhouse gas emissions from own operations (Scopes 1 and 2) reduced by 60% from a 2017 base year by 2030

Sustainability target: 60% of Fiskars Group's suppliers by spend covering purchased goods and services will have science-based targets by 2024

Sustainability target: Zero Lost Time Accident Frequency (LTAF) by 2030

Sustainability target: Inclusion Experience within the top 10% of global high-performing companies

External recognitions

R E S E A R CH A N D D E V E L O P M E N T

P E R S O N N E L

CHANGES IN MANAGEMENT

SAVINGS FROM THE EFFICIENCY PROGRAMS COMPLETED IN 2023

R E S O L U T I O N S O F T H E A N N U A L G E N E R A L M E E T I N G 2 0 24

The use of profit shown on the balance sheet and the payment of dividend

Remuneration report for governing bodies

Election and remuneration of the Board of Directors

Election and remunerations of the auditor

Board authorizations

Authorizing the Board of Directors to decide on the repurchase and/or the acceptance as pledge of the company's own shares

Authorizing the Board of Directors to decide on the transfer of the company's own shares held as treasury shares (share issue)

CO N S T I T U T I V E M E E T I N G O F T H E B O A R D A N D B O A R D CO M M I T T E E S

S H A R E S A N D S H A R E H O L D E R S

S h a r e c a pit a l a n d s h a r e s

M a r k e t c a pit a liz atio n a n d t r a d in g

Trading on Nasdaq Helsinki

F la ggin g n o t if ic a t io n s

SHARE-BASED PLANS

Fiskars Oyj Abp Interim / Quarterly Report 2024